World Bank Approves $75 Million For Reconstruction Of Houses In Sri Lanka's Conflict Areas

Washington, DC (AHN)- The World Bank (WB) has approved a $75.6 million support package to Sri Lanka for the reconstruction of houses damaged in the conflict affected areas and other projects.

The credits are from the International Development Association (IDA), the WB's concessionary lending arm, and have 20 years to maturity with a 10-year grace period, a WB press statement said. Under the package, at least $43 million in additional financing for the North East Housing Reconstruction Program is designed to finance the reconstruction of 13,615 houses in the northern and eastern regions of the country.

This assistance will add to the 34,784 conflict-damaged houses in 2712 villages that have been completed or are near completion, increasing the number of poor conflict-affected families that are resettled under this project, according to the statement.

The $22.6 million for the Public Sector Capacity Building Project aims to improve public administration and financial management by strengthening and modernizing key public sector institutions - Department of Census and Statistics and Auditor General's Department.

The $10 million in additional financing for the Education Sector Development Project is designed to improve educational outcomes of children living in poor regions of the country, the WB said.